SDDS Fiscal Sector Data categories for the Republic of Latvia
The SDDS Fiscal Sector Data categories on General Government Operations (GGO), Central Government Operations (CGO) and Central Government debt (CGD) - SDDS provided below correspond to the fiscal data described on the International Monetary Fund's Dissemination Standards Bulletin Board (DSBB). For a fuller explanation of the DSBB and the statistical standards to which Republic of Latvia has committed, please follow to the DSBB Home Page.
The release dates for all prescribed data categories, including GGO, CGO and CGD, are included in the Advance Release Calendar.
The time series on General Government Operations (GGO) – SDDS, Central Government Operations (CGO) – SDDS and Central Government Debt (CGD) – SDDS provided in the section below have been prepared by the Treasury according to the requirements established in the Special Data Dissemination Standard (SDDS) of the IMF.
Analytical framework: General government transactions data are organized to compile, for analytical purposes, the major fiscal aggregates (revenue, expenditure, deficit/surplus, and details of financing). Since 1999 these data are disseminated under the Special Data Dissemination Standard, using the system of definitions and classifications in the IMF's A Manual on Government Finance Statistics, 1986 (MGFS 1986), but since 2007 – using the system of the ESA 95 as international classifications adapted for national application.
Institutional coverage of general government reported data: Data cover all institutional units of general government (the central government basic budget and the central government special budgets, and local governments), except data of commercial companies and institutional units, reclassified by the Central Statistical Bureau to the general government sector.
The central government basic budget covers Parliament, the President's Office, the Prime Minister's Office, ministries and other budgetary institutions. Prior 2004 the Central government special budgets were the Environment Protection Fund, Fishery Fund, Port Development Fund, Public Road Fund, Special Budget for Health Care, the Social Security Fund, as well as a few other small funds. From 2004 onwards, almost all special budgets are included in the central government basic budget. The Central Government Special Social Insurance Budget is the only budget that is left in the special budget status. All payments which in accordance with law or other regulatory enactment or a contract are to be included in the central government budget revenues shall be central government budgetary funds, which in accordance with an appropriation set out in an annual central government budget law, may be appropriated for central government purposes.
Classification system: Since 1999 the components of the major fiscal aggregates listed above are classified according to the methodology set out in MGFS 1986. The relevant national adaptations of the classifications are approved by Regulations of the Cabinet of Ministers. Since 2007 the system of definitions and classifications of the ESA 95 as international classifications adapted for national application is used in accordance with the Cabinet Regulations on budgetary classifications of revenue, expenditure, financing and debt.The classifications and the correspondence tables for budgetary revenue and expenditure classifications are disseminated on the Ministry of Finance website, in Latvian only.
Local governments comprise of regions, small rural territorial units, towns, the Municipal Privatization Fund, and other special funds. Local government budgets for each financial year shall include all the revenue collected or received by local governments (local government authorities) and borrowings, which shall be appropriated by local governments for local government purposes.
Legal framework: The compilation and dissemination of the data are governed by the Law on Budget and Financial Management adopted by the Saeima on 24 March 1994, with amendments, the Cabinet of Ministers Regulations No.677, 3 August, 2004 “Regulations of the Treasury approved by the Cabinet of Ministers, with amendments, and the annual Regulation on the Treasury’s Reports, approved by the Minister of Finance.